| Gold falls Rs 200 to Rs 1,07,670/10 g, silver declines Rs 1,000 in Delhi markets | | |
New Delhi, Sept 8: Gold prices on Monday retreated from record levels to trade at Rs 1,07,670 per 10 grams, down by Rs 200, in the national capital due to fresh selling by stockists, according to the All India Sarafa Association.
The precious metal of 99.5 per cent purity also fell by Rs 200 to Rs 1,06,800 per 10 grams (inclusive of all taxes).
On Saturday, gold of 99.9 per cent and 99.5 per cent purity surged Rs 900 each to hit record highs of Rs 1,07,870 per 10 grams and Rs 1,07,000 per 10 grams, respectively, in the national capital.
Silver also came under selling pressure, tumbling by Rs 1,000 to Rs 1,26,000 per kg (inclusive of all taxes). The white metal scaled a lifetime high of Rs 1,27,000 per kg on Saturday.
Meanwhile, in the futures market, gold and silver rebounded sharply from early losses and hit fresh peaks.
On MCX, the precious metal futures for October delivery climbed Rs 447 or 0.41 per cent to a record high of Rs 1,08,175 per 10 grams. Similarly, December futures also advanced to breach Rs 1.09 lakh per 10-gram level, by jumping Rs 370, or 0.34 per cent.
"Gold remains in the bull's control; the price opened slightly lower in the early trade on Monday. However, it recovered from earlier losses and traded higher, supported by safe-haven demand, rate cut expectations, and a steady US dollar," said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.
The white metal for December delivery soared Rs 1,703 or 1.36 per cent to hit an all-time high of Rs 1,26,400 per kilogram on the Multi-Commodity Exchange (MCX) on Monday.
On the global front, spot gold rose sharply by USD 35.11, or 1 per cent, to hit a fresh peak of USD 3,621.92 per ounce. Also, Comex gold futures for December delivery rose to hit a record high of USD 3,662 per ounce. "Gold extended its record-breaking rally, with spot prices breaching to USD 3,600 per ounce and futures surpassing USD 3,650 per ounce, underpinned by dovish Federal Reserve expectations and a string of weak US labour market data," said. |
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